Late fee
Credit scores & reportsA charge applied when a payment is made after the due date.
Overview
Late fees can be added to credit cards, loans, or utilities.
They increase the total amount you owe.
Why it matters
- It makes borrowing more expensive.
- Late payments can damage your credit score.
- Fees can add up if payments are regularly late.
FAQs
Can a late fee be waived?
Sometimes, especially for a first offence. You can ask the lender.
Does a late fee affect my credit report?
The fee itself does not, but the late payment can be reported.
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